Oil jumps 2 percent; more investors expect output cut extension

By Julia SimonNEW YORK (Reuters) - Oil prices rose more than a dollar a barrel on Friday, heading for a second week of gains on growing expectations that leading oil producers will agree at next week's OPEC-led meeting to extend output cuts aimed at reducing a global crude glut.Brent crude was up $1.18 at $53.29 at 12:10 p.m.(1610 GMT), while U.S. benchmark crude oil was up $1.13 at $50.48. Both benchmarks were at their highest in about a month, rising more than 2 percent. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia meet on May 25 to ...

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